German consumer optimism improved distinctly in April. The
overall index is forecasting 9.7 points for May, up from 9.4
points in April. Growth is being observed for both economic and
income expectations as well as propensity to buy.

Consumers are clearly assuming that the German economy will
regain some momentum in the coming months. Economic expectation
rose accordingly in April. Income expectation and propensity to
buy have both made noticeable gains, once again improving their
already very good level.

The biggest jump in the month was in GfK's propensity to buy
survey — which indicates how likely German citizens are to buy
goods instead of saving their money. The score jumped by 5.4
points in April, climbing to 55.4 — its highest level since July
2015. Propensity to save amongst Germans also fell, falling to
the lowest level in history. Those numbers are a big boost for
the ECB, which has been trying to address the problem of flagging
growth and inflation in the eurozone by encouraging spending
with its negative interest rate policy and huge bond-buying
programmes.

Here's GfK again (emphasis ours):

Propensity to buy can clearly benefit from the decision
of the European Central Bank in March to re-open the monetary
floodgates. The indicator rose by 5.4 points in April to
reach 55.4. The last time the indicator recorded a higher value
was in July 2015 when it stood at exactly 56 points.

The recent decisions of the ECB to lower the key interest rate to
0 percent, to extend the bond buying program again, and to raise
the penalty interest rate for banks that want to deposit
money with the ECB caused propensity to save among Germans to
fall to a new historic low in April. Conversely, propensity to
buy increased. Saving continues, as before, to be an
unattractive alternative, particularly given that, in the context
of the interest rate decisions made by the ECB, there are
increasing discussions about whether negative interest rates will
also be applied to private accounts in the future